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PEER COMPANIES

NEW DELHI: Mahindra & Mahindra (M&M) on Tuesday said its net profit jumped 50 per cent to Rs 1,155 crore for March quarter. Analysts in an ETNow poll predicted a profit of Rs 1,055 crore.

The automaker had reported Rs 770 crore profit in the year-ago quarter. The numbers included numbers for M&M and MVML.

Total income for the quarter rose 24 per cent to Rs 13,355 crore compared with Rs 10,795 crore in the corresponding quarter last year.

The domestic auto industry (excluding two-wheelers) grew 19 per cent, with the passenger vehicles reporting a growth of 7 per cent and the utility vehicle (UV) segment a growth 25 per cent, the company said.

Domestic automotive volume for the company rose 20 per cent, while the domestic tractor volumes were up 44 per cent.

"Economic activity is expected to gather pace as the transitory effects of implementation of the goods and services tax (GST) recedes. This outlook will also be lifted by tailwinds from normal rainfall with the weather bureau forecasting a 'normal' monsoon for the third successive year in its first stage long range forecast," the company said in a release.

While the spatial and temporal distribution remain to be seen, well spread out rainfall is likely to have a salutary impact on the overall demand conditions, it added.

The company board of directors have recommended a post bonus dividend of Rs. 7.50 per share.